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Netherlands ousts US as top FDI source
The Netherlands has overtaken the US as Vietnam’s top source of foreign direct investment this year, the Foreign Investment Agency said.
Investors from that country have received licenses to invest in projects worth US$2.15 billion, including one involving an investment of $2.14 billion, while US commitments are worth $1.02 billion.
The $2.14 billion will be invested in a thermal power plant in the northern Quang Ninh Province by American firm AES Corporation, which will however, route it through the Netherlands.
The inflow of foreign direct investment into Vietnam in the first 11 months of the year rose nearly 10 percent from the same period of last year to $9.95 billion.
The inflows averaged $900 million a month, which could bring the year's total inflow to $11 billion.
The ministry had projected FDI inflow this year to match last year's $10 billion and inflows after 10 months totaled $9 billion.
Foreign direct investment, along with remittances from Vietnamese working overseas, has been an important source of foreign exchange, helping finance Vietnam's growing trade deficit, which rose to an estimated $10.66 billion in the January-November period.
New investment pledges and increased capital for existing projects in the first 11 months fell 32.5 percent from the same period last year to a combined $13.3 billion, the newspaper said.
vietnamnet, Tuoitrenews
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